AHSEC Class 12 Accountancy Solved Question Paper 2016 - [H.S 2nd Year Accountancy Solved Question Paper 2016]

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AHSEC Class 12 Accountancy Solved Question Paper 2016 Pdf

AHSEC ACCOUNTANCY SOLVED QUESTION PAPERS
2016 (ACCOUNTANCY)
Full Marks: 100
Pass Marks: 30, Time: Three Hours

The figures in the margin indicate full marks for the questions.

1. (a) Fill in the blanks with appropriate word:                     1x4=4

a)     In the absence of Partnership Deed, a Partner who advances money to the firm beyond the amount of his / her capital is entitled to get interest thereon at the rate of 6 % per annum as per Partnership Act, 1932.

b)     The members of a Partnership business are collectively known as firm.

c)      The amount due to the retiring partner is transferred to his / her loan Account in case it is not paid immediately.

d)     In case of fixed capital, a partner’s Capital Account always shows a credit balance.

(b) Choose the correct alternative:                          1x2=2

                     i.        Financial Statements of a company include:

2)     Profit and Loss Account.

                   ii.        Profit and Loss Account is also known as Income statement statement.

(c) State whether the following statements are true or false:                      1x2=2

a)     Interest on Partner’s capital is debited to Partner’s Capital Account.                Ans. False

b)     Debenture holders are creditors of the company.    Ans. True

2. State the meaning of Not-for-Profit organization.                        2

Ans: Not-For-Profit Organisation: A Not-for-Profit (NFP) organization, also known as a nonprofit organization, is an entity that operates for purposes other than making a profit for its owners or stakeholders. The primary goal of a not-for-profit organization is to pursue a mission or objective that benefits the public, a particular community, or a cause. This could include charitable, educational, religious, scientific, or social aims.

3. A and B are partners sharing profits in the ratio 3: 2. C is admitted as a new partner for 1/5th share in the future profits. Calculate the new profit sharing ratio.          2

Solution:

\C’s share = 1 – 1/5 = 4/5

\A’s new share = 4/5 x 3/5 = 12/25

\B’s new share = 4/5 x 2/5 = 8/25

\New Profit sharing ratio = 12/25 : 8/25 : 4/5

4. Mention any two distinctions between shares and debentures.          2

Ans; Here's a table highlighting two key distinctions between shares and debentures:

Aspect	Shares	Debentures
Nature	Represent ownership in the company.	Represent debt or loan to the company.
Returns	Dividends are paid out of profits, not guaranteed.	Interest payments are contractual and fixed.

                           

4. Mention any two distinctions between shares and debentures.       2

5. A Ltd. forfeited 500 shares of Rs. 10/- each, Rs. 8/- paid, for non-payment of final call of Rs. 2/- each. Give Journal entry of forfeiture of share.                    2

6. A and B are partners in a firm sharing profits in the ratio of 3: 2. Their capitals as on April, 1, 2014 were Rs. 2, 00,000/- and Rs. 1, 80,000/- respectively. On October 1, 2014, A introduced an additional capital of Rs. 50,000 and on January, 1, 2015, B introduced Rs. 70,000/-. Interest on capital is allowed at 10% p.a. Calculate interest on capital for both the partners for the year ending March, 31, 2015.                                      2

7. Explain any three objectives of preparing a Cash Flow statement.        1x3=3

Or

From the following details, calculate Current Ratio and Liquid Ratio:        3

Machinery 8% Debenture Bank Overdraft Sundry Creditors Prepaid Expenses Stock Sundry Debtors

1,00,000/- 80,000/- 20,000/- 76,000/- 4,000/- 80,000/- 1,00,000/-

8. Mention any three items that can be shown under the heading “Reserves & Surplus” in a company’s Balance Sheet. 1x3=3

Or

Give three objectives of financial statement analysis.                     1x3=3

9. What is meant by Comparative Statements? What do they show?                       1+2=3

Or

Explain the Capitalization method of valuation of Goodwill.

10. Mention any three distinctions between Fund-based Accounting and Non-fund based Accounting.   1x3=3

Or

Mention three features of a non-trading organization.

11. Mention any three limitations of Financial Statements.       1x3=3

12. From the following Receipts and Payments Account for the year ended 31st December, 2015 and other details of the Sankardev Club, prepare an Income and Expenditure Account for the year ended 31st December, 2015:  5

Receipts	Rs.	Payments	Rs.
Cash in hand on 1.1.15 Subscriptions: 2014=900 2015=20,000 2016=2,000 Sale of Newspapers Life Membership Fees Donation Donation for Buildings Interest Maintenance Grant	12,000 22,900 100 5,000 6,000 8,000 200 3,000	Salaries Honorarium Travelling Expenses Sport Expenses Investments Construction of Buildings Rent Scholarship Cash in hand on 31-12-15	14,000 3,000 2,000 5,000 10,000 7,000 2,000 1,000 13,200
	57,200		57,200

Additional Information:

a)      Outstanding Subscription Rs. 2,500/-

b)      Outstanding Salaries Rs. 1,000/-

c)       Subscription for 2015 Rs. 400/- received in 2014.

Or

Mention any five distinctions between Receipts and Payments Account and Income and Expenditure Account.       5

13. From the following details, calculate cash from Investing and Financing Activities:    5

Particulars	1-4-2014	31-3-2015
Machinery at Cost Accumulated Depreciation Capital Bank Loan	60,000 15,000 45,000 15,000	75,000 18,000 52,500 ---

During the year, machinery costing Rs. 15,000/- was sold at a loss of Rs. 3,000. Depreciation on machinery charges during the year amounted to Rs. 9,000.

Or

Explain any five advantages of Cash Flow Statement.         1x5=5

14. From the following details, calculate Gross Profit and Sales:     2 ½ x2=5

Average Stock = 60,000/-

Stock Turnover Ratio = 6 times.

Selling Price is 20% above cost.

Or

Name any five ratios used for analyzing the liquidity position of a Firm.       1x5=5

15. Partha, Pranoy and Prasanna are partners sharing profits and losses in the ratio of 3: 2: 1. On 31st March, 2015, their Balance Sheet stood as follows:

Balance Sheet

Liabilities	Rs.	Assets	Rs.
Capitals : Partha :     80,000/- Pranoy :    60,000/- Prasanna : 50,000/- General Reserve Sundry Creditors	1,90,000 24,000 48,000	Buildings Plant & Machinery Inventory Debtors Bank	90,000 86,000 50,000 31,000 5,000
	2,62,000		2,62,000

Pranoy retires on that date under the following terms:

a)      The Goodwill of the firm is valued at Rs. 36,000/-

b)      Plant & Machinery is to be depreciated by 10%.

c)       Inventory and Buildings are to be appreciated by 20% and 10% respectively.

Give necessary Journal entries in the books of the firm.    5

Or

Explain the procedure of forfeiture of shares.                    5

16. Anupam, Binoy and Chandan were partners in a firm sharing profits in the ratio of 2: 3: 5. On 31st March, 2014, their Balance Sheet was as follows:

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Capitals : Anupam   =  60,000/- Binoy        =  50,000/- Chandan  = 30,000/- Reserve Creditors Bills Payable	1,40,000 12,000 20,000 2,000	Cash at Bank Debtors Bills Receivable Stock Furniture Machinery	16,000 30,000 8,000 20,000 60,000 40,000
TOTAL	1,74,000	TOTAL	1,74,000

Anupam died on 1st October, 2014. It was agreed between his executors and the remaining partners that:

a)      Goodwill will be valued at 3 years purchase of the average profits of the last four years which were :

Year	Profit
2010-11 2011-12 2012-13 2013-14	30,000/- 40,000/- 40,000/- 40,000/-

b)      Machinery and Furniture be valued at Rs. 36,000/- and Rs. 56,000/- respectively.

c)       Profit for the year 2014-15 be taken as having accrued at the same rate as that of the previous year.

d)      Interest on capital be provided at 10% p.a.

e)      The amount due to Anupam shall be transferred to his Executor’s Loan Account.

Prepare Anupam’s Capital Account as on the date of his death.   5

Ans:-

Solution: Anupam’s Capital A/c

Particulars	Amount	Particulars	Amount
To Revaluation A/c To Anupam’s executors A/c	1,600 90,300	By Balance b/d By Interest on Capital A/c By Profit & Loss suspense A/c By Binoy’s Capital A/c By Chandan’s Capital A/c By Reserve A/c	60,000 3,000 4,000 8,437.5 14,062.5 2,400
	91,900		91,900

Working Note:

Interest on Capital = 60,000 x 10/100 x 6/12 = 3,000

Profit of Anupam’s = 40,000 x 2/10 x 6/12 = 4,000

Goodwill = 30,000 + 40,000 + 40,000 + 40,000/4 x 3

Gaining Ratio = 3/8 – 3/10 : 5/8 – 5/10

= 15 – 12/40 : 25 – 20/40

\Binoy’s Share = 3/40 x 1,12,500 = 8,437.5

Chandan’s Share = 5/40 x 1,12,500 = 14,062.5

And Reserve of Anupam’s = 12,000 x 2/10 = 2,400

Or

What are the causes of retirement of a Partner from a Partnership firm (any five causes)    1x5=5

17. R, M and H were in partnership sharing profits and losses in the ratio of 8: 5: 3 respectively. The firm’s balance sheet as on 31st March, 2015 was as under:

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Capitals : R          =  5,000/- M         = 2,000/- H          = 1,000/- Sundry Creditors Bank Loan	8,000 2,953 5,500	Current Account : R        =   2,195/- M       =   1,733/- H        =   1,520/- Machinery Stock Sundry Debtors Cash	5,448 1,050 6,059 3,572 324
TOTAL	16,453	TOTAL	16,453

It was resolved to dissolve the partnership as on that date. The assets were realised as follows:

Machinery Stock Sundry Debtors

600/- 5,230/- 3,555/-

Prepare Realisation Account. 5

Or

What do you mean by dissolution of a Partnership? State three grounds for dissolution of Partnership.       2+3=5

18. Give the new format of the Balance Sheet of a Company (main headings only) as per the requirements of revised Schedule – VI of the Companies Act, 1956.          5

Or

How would you compute the amount due to a deceased Partner’s Executor?                     5

19. Following is the Trial Balance of SUDIP AND PRADIP as on 31st March, 2015:         8

Particulars	(Rs.)	Particulars	(Rs.)
Plant & Machinery Publicity Freight on sales Buildings Goodwill Sundry Debtors Bad debt Cash at Bank Investments Cash in hand Salaries Stock General Expenses Drawings: Sudip    = 5,000 Pradip  = 3,000	35,000 5,000 2,140 69,000 15,000 48,200 1,400 5,620 10,000 170 28,850 10,000 5,500 8,000	Capital Accounts : Sudip    =  50,000 Pradip  =  30,000 Trading Account --- Gross Profit Creditors Bank Loan Commission Outstanding Freight Provision for doubtful debt Bills Payable	80,000 85,700 44,560 21,000 4,420 200 1,000 7,000
TOTAL	2,43,880	TOTAL	2,43,880

Prepare the Profit & Loss Account and the Profit & Loss Appropriation Account of the firm for the year ended 31st March, 2015 and a Balance Sheet as on that date after taking into consideration the following additional information:

a)      Depreciation Plant & Machinery @ 10% p.a.

b)      Prepaid Publicity Rs. 500/-

c)       Outstanding Salaries Rs. 1,150/-

d)      Provide for doubtful debt @ 5% on Sundry Debtors.

e)      Partners will get interest on capital @ 5% p.a.

20. Assam Tea Ltd. has an authorized capital of Rs. 10, 00,000/- divided into Rs. 1, 00,000 equity shares of Rs. 10/- each. The directors decided to issue 50,000 shares to the public at a premium of 10% payable as follows:

On Application Rs. 3/-

On Allotment (including premium) Rs. 5/-

And the balance on 1st and final call.

The company received applications for 60,000 shares. The directors decided to reject the excess applications and the money thereon was refunded. All the shares were duly subscribed for, called up and paid up. Give Journal entries and prepare a Cash Book in the books of the Company.    8

Or

Write short notes on:                     2x4=8

a)      Call in Arrear.

b)      Calls in Advance.

c)       Preference Share.

d)      Right Share.

21. Tata Motors Ltd. invited applications for the issue of 3,000, 10% debentures of Rs. 100/- each at a discount of 10% payable Rs. 30/- on application, Rs. 30/- on allotment (after deducting discount) and the balance on first and final call. All the debentures were subscribed and the debenture money was duly called and paid up. Give Journal entries and show how Debentures Account will be shown in the Balance Sheet of the Company.     8

Or

Give the accounting entries for issue of debentures under different situations with imaginary figures. (Any four situations)                                2x4=8

22. A and B are two partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31st March, 2015 was as follows:

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Capital : A = 30,000 B = 25,000 General Reserve Sundry Creditors	55,000 5,000 15,000	Land & Buildings Plant & Machinery Furniture Stock Debtors Cash in Hand	30,000 20,000 10,000 5,000 8,000 2,000
TOTAL	75,000	TOTAL	75,000

On 01-4-2015, C was admitted as a new partner for 1/4th share in the future profits on the following conditions:

a)      C will bring Rs. 20,000/- as Capital and Rs. 6,000/- as premium for goodwill.

b)      The Land & Buildings will be revalued at Rs. 35,000/-

c)       Plant & Machinery and Furniture will be depreciated by 5% and 10% respectively.

d)      Stock will be reduced by Rs. 2,000/-

Give Journal entries and prepare the Balance Sheet of the firm after C’s admission.   6+2=8

Or

Give the Accounting entries relating to forfeiture and re-issue of shares with imaginary figures. 8

-000-

Also Read : Accountancy Important Questions 

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